CANTON, Mississippi — Madison County Tax Assessor Gerald Barber says Nissan's taxes to the county are roughly doubling from 2013 to 2014.
Barber told the board of supervisors this week that the county will see about $7 million from the Nissan plant in 2014, almost twice as much as it received last year.
The new revenue is a result of the expiration of Nissan's 10-year payment in lieu of taxes, or PILOT, agreement. The agreement allowed Nissan to pay a fee equaling a third of what it would pay in property taxes on some assets at the Canton plant. The fee goes to the county and the Canton school district, which received $2 million from the deal last year.
Expansions and additions over the years still qualify for a PILOT agreement on that property.
"Madison County in general has gotten no money from Nissan. Schools are a different situation," Barber said, noting an amendment to the PILOT agreement generated enough to satisfy the county's debt service.
The addition of more of Nissan's property to the tax roll was one of many events Barber said caused the county to have a "bellwether" year.